Tharisa capitalises on chrome with record 2024 production

THARISA ended its 2024 financial year with record chrome production which helped offset subdued, but recovering, platinum group metals prices.Commenting in its fourth quarter production report, Tharisa said on Thursday chrome output totalled 1.7 million tons (Mt) for the year, nearly eight percent higher year-on-year. Higher production came amid strong pricing for chrome.For the year, the average metallurgical grade chrome concentrate price was $299/t, 13.7% higher than last year’s average price. It helped Tharisa to increase net cash $108.7m as of end-September compared to net cash of $92.2m end-June.In contrast PGMs averaged $1,363/oz for the 2024 financial year compared to $1,893/oz last year, although prices began to trend up slightly in the last quarter. Production for the year was 145,000 oz. Both chrome and PGM production was in line with guidance at the start of Tharisa’s financial year.Phoevos Pouroulis, CEO of Tharisa said the company remained “optimistic” about the future direction of PGM prices. While finance has not been finalised, the company continues to “progress” its $391m Karo Platinum project in Zimbabwe in line with its capital plans. Once developed the mine will produce an anticipated 190,000 oz/year in PGMs.However, the deterioation in PGM prices led to Tharisa to suspend the project while continuing with some project development.On the outlook for chrome, Pouroulis said chrome would dominate “the operational forecast as we see real demand in China and beyond”.For the current financial year, chrome output has been guided to between 1.65Mt and 1.8Mt of chrome concentrates. PGM guidance has been put at between 140,000 oz and 160,000 koz PGMs (6E basis).Pouroulis also said the firm had made “great strides” in underground development of the Tharisa mine in North West province required partly owing to open pit expansion limitations. Once completed, Tharisa will have increased mining flexibility at the mine.Owing to its chrome production, shares in Tharisa have been this year when other companies producing PGMs have suffered heavy losses. The stock was down 6% on Wednesday in Johannesburg, however.The post Tharisa capitalises on chrome with record 2024 production appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.comWeiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com